Renzo Avesani, Risk Management Director at Unipol Gruppo Finanziario, says that the view of a risk management department that is solely used for risk measurement is not only out-dated but dangerous. To manage risk and compete in today’s risky environment, Avesani says Unipol has integrated risk management into the business strategy. Read Unipol’s methodology for success.
Ri$kMinds brought together leaders from all sectors of the risk world to discuss the problems and future facing facing financial services institutions across the globe. Clark Abrahams brought back some notable quotes and his thoughts on the increased regulatory. He seems recharged by the idea that innovation, regulatory compliance and business strategy fit together for the perfect competitive puzzle.
Although CEOs and management teams are responsible for crafting strategic direction, Clark Abrahams says that board of directors need to be involved in strategic planning from the beginning. He offers a playbook idea to give boards a level set of knowledge on everything from competitor and industry analysis to risks and financials. That foundation will help them ask the right questions from the start.
What can corporations and financial institutions do to reinforce or restore the public’s trust? Clark Abrahams says that the answer is easy: improved governance, transparency, a return to fundamentals, and effective stakeholder communication. But this solution starts at the top.
Integrating fragmented data – from growth, acquisitions and outgrown models – can lead to a more effective risk management strategy. Data is multiplying furiously. Learn the benefits of taming data to move your organization toward its goals.
Some dismiss GRC because they see it as a “boil the ocean” solution that tries to take on so much as to be completely overwhelming and impractical. Clark Abrahams suggests a step-by-step approach, starting with a current business pain.
The growing threat of enterprise-class fraud
Leader’s integrity tied to risk management culture
Combating blood money with big data
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